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Test: Nature and Scope of Macroeconomics - 2 - B Com MCQ


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10 Questions MCQ Test - Test: Nature and Scope of Macroeconomics - 2

Test: Nature and Scope of Macroeconomics - 2 for B Com 2024 is part of B Com preparation. The Test: Nature and Scope of Macroeconomics - 2 questions and answers have been prepared according to the B Com exam syllabus.The Test: Nature and Scope of Macroeconomics - 2 MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Nature and Scope of Macroeconomics - 2 below.
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Test: Nature and Scope of Macroeconomics - 2 - Question 1
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What is a stock variable in economics?

Detailed Solution for Test: Nature and Scope of Macroeconomics - 2 - Question 1
A stock variable refers to a quantity of an economic variable at a specific point of time. It represents the amount of a certain economic entity or resource at a given moment. For example, wealth, capital, and the amount of a particular good in inventory are all considered stock variables because they pertain to a specific point in time.
Test: Nature and Scope of Macroeconomics - 2 - Question 2
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Which of the following is an example of a flow variable?

Detailed Solution for Test: Nature and Scope of Macroeconomics - 2 - Question 2
Income is a flow variable as it represents the amount of money earned over a certain period of time. Flow variables are related to a specific period and measure the rate at which an economic entity changes or accumulates.
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Test: Nature and Scope of Macroeconomics - 2 - Question 3
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In microeconomics, how is the market demand for goods represented?

Detailed Solution for Test: Nature and Scope of Macroeconomics - 2 - Question 3
In microeconomics, the market demand for goods is represented by a flow-demand curve, which shows the relationship between the price of a good and the quantity demanded within a specific period of time.
Test: Nature and Scope of Macroeconomics - 2 - Question 4
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Which of the following is a stock variable in macroeconomics?
Detailed Solution for Test: Nature and Scope of Macroeconomics - 2 - Question 4
Wealth is a stock variable in macroeconomics as it represents the total assets owned by an individual or entity at a specific point in time.
Test: Nature and Scope of Macroeconomics - 2 - Question 5
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What is the relationship between stock and flow variables?
Detailed Solution for Test: Nature and Scope of Macroeconomics - 2 - Question 5
Stock variables can affect flow variables, as changes in the stock of a resource or entity can influence the flow rates associated with it. For example, an increase in the stock of capital can lead to higher levels of investment, affecting the flow of investment over time.
Test: Nature and Scope of Macroeconomics - 2 - Question 6
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Which of the following is an example of a flow variable in macroeconomics?
Detailed Solution for Test: Nature and Scope of Macroeconomics - 2 - Question 6
Savings is a flow variable in macroeconomics as it represents the amount of money saved during a specific period of time. It is not a fixed quantity but varies over time.
Test: Nature and Scope of Macroeconomics - 2 - Question 7
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What determines the size of flows in macroeconomics?
Detailed Solution for Test: Nature and Scope of Macroeconomics - 2 - Question 7
The size of flows in macroeconomics is determined by current prices. Flow variables, such as income, expenditure, and investment, are influenced by the prevailing prices in the economy during a specific period of time.
Test: Nature and Scope of Macroeconomics - 2 - Question 8
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What role does the time dimension play in differentiating stock and flow variables?
Detailed Solution for Test: Nature and Scope of Macroeconomics - 2 - Question 8
Flow variables have a time dimension, as they are measured over a specific period of time. Stock variables, on the other hand, relate to a point in time and do not have a time dimension associated with them.
Test: Nature and Scope of Macroeconomics - 2 - Question 9
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Which of the following is an example of a stock variable that can change due to flows?
Detailed Solution for Test: Nature and Scope of Macroeconomics - 2 - Question 9
Investment is a stock variable that can change due to flows. An increase in the flow of investment can lead to a higher accumulation of capital stock over time.
Test: Nature and Scope of Macroeconomics - 2 - Question 10
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How do stock and flow concepts apply to economic growth in macroeconomics?
Detailed Solution for Test: Nature and Scope of Macroeconomics - 2 - Question 10
Flow variables, such as investment and savings, play a crucial role in driving changes in stock variables, like the accumulation of capital stock, over time. Economic growth involves an interplay between flow and stock variables as investments lead to the growth of capital stock, affecting output and overall economic performance.
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